2018 BOND BUYER PRE-CONFERENCEOCTOBER 1, 2018

JW MARRIOTT – LA LIVELOS ANGELES, CA

Bond Buyer Pre-Conference: October 1, 2018

SESSION 1:WHY AREN’T ALL CALIFORNIA K-12 SCHOOL GENERAL OBLIGATION BONDS RATED AAA?

Bond Buyer Pre-Conference: October 1, 2018

Introductions

Moderator: Megan ReillyChief Business Officer

Santa Clara County Office of Education

Dr. Candi ClarkChief Financial Officer

Los Angeles County Office of Education

Scott PriceChief Financial Officer

Los Angeles Unified School District

Alvaro MezaAssistant Superintendent of Business Services and Chief Business Official

Gilroy Unified School District

3

School Issuance by the Numbers

K-12 Issuers

$65,91615.5%

All Other Issuers$360,587

84.5%

Comparison of K-12 Issuers to All Other Issuers 2012-2017 ($ in Millions)

Total Issuance: $426.5 BillionSource: CDIAC Database 4/27/18 4

K-12 Debt Issued By Debt Type

83%

12%3%2%

Santa Clara Total$4,924.4 M

57%

19%

5%3%

16%

Orange Total $3,355.4 M

Other, 2%$1,473.8 M

BAN, 2%$1,521.4 M

COP, 4%$2,366.3 M

TRAN, 27%$17,777.2 M

GO Bond, 65%$42,110.8 M

Statewide Total of New K-12 Debt$65,249,471,679

66%

30%

1%2%1%

Los Angeles Total$20,441.1 M

Date Range: 1/1/2008 to 12/31/2017Source: CDIAC Database 7/13/2018 5

GUSD At a Glance

11,000 TK-12th grade students in Santa Clara County

About 1,075 full-time employees across 16 schools

$125 million annual operating budget

2017-18 total assessed value $10 Billion

Gilroy Unified School District (GUSD)

6

GUSD Bond Overview

Tax Base Profile Low concentration amongst top 20 secured taxpayers Taxpayer diversity including retail, commercial, food processing, residential, industrial, and

agricultural Growing community due to relocation of Silicon Valley residents

Bond Issuance Team Experienced team with solid financials Double-digit reserves, multiple management policies on debt and reserves, and stable to increasing debt

Moderately structured bond sale

Voters authorized $389 million for GUSD Capital Facilities Program in three elections since 2002

7

CA Constitution Article XIIIA, Section 1Limits Ad Valorem (AV) property taxes to 1%, unless voters approve additional tax to establish debt for a specific purpose.

Propositions 46 and 39Outline how voters can approve new

General Obligation (GO) debt for K-14 schools.

California Education Code §15250County has authority to collect unlimited special taxes to pay for voter approved

GO debt on behalf of district.

California Education Code §15251GO debt is payable from special AV

property taxes, not the District’s General Fund.

8

AB

1200

Requires twice annual school self-certification of ability to meet financial obligations for 2 years.

Established State oversight of schools.

Rules to limit new debt for schools with qualified or negative self-certification.

Reduced bankruptcy risk for California schools.

9

Overview of LAUSD

613,274 K-12 students in Los Angeles County in FY 17/18

1,306 school and education centers located within 710 square miles

Governed by 7-member Board of Education

$10.6 Billion GO Bonds outstanding as of 6/30/18

Los Angeles Unified School District (LAUSD)

10

LAUSD Voter-Approved Capital Programs

One of the largest in the country

Since 1997, voters approved $20.605 billion in five elections

Funds led to completion of about 600 construction projects, including 131 new K-12 schools

All districts now on traditional single-track calendar

Current focus is to modernize and repair existing schools

Maywood Academy High School 11

SB 222 (2015)GO bonds secured by a statutory lien on the ad

valorem taxes collected to pay principal and interest on GO bonds.

Lien still attached if school files for

Chapter 9

Bondholders treated as secured creditors for property taxes, but statutory lien rights subject to automatic stay

12

Special RevenuesIf ad valorem tax revenues that fund the GO bonds are “special revenues” under Chapter 9, then such revenues collected after the date of the bankruptcy filing would remain subject to the lien of the Resolution and the application of such

revenues would not be subject to the automatic stay.

While there is no binding judicial precedent, GO Bond ad valorem tax revenues appear to fit the definition of “special revenues”.

13

LockboxTax revenues are held by the County Treasurer in the District’s

interest and a Sinking Fund is established for the payment of GO bonds of the District.

Use of Sinking Fund ensures funds aren’t

comingled with county money

County cannot borrow from the District’s

bond accounts

14

With legal protections and statutory authorities protecting CA K-12 GO school bonds, why are school bonds issued for anything less than AAA?

15

CA GO school bonds receive unlimited tax support, and all schools have the same

reporting requirements.

Why is a school’s operating budget or where a school is located considered when rating a

bond?

16

Authorized But Unissued CA K-14 GO Bonds

1,040Approved Elections

$133,805,000,000Voter Approved GO

Authority

$80,315,000,000GO Authority Issued

$53,489,000,000GO Authority

Unissued

Data reported to CDAIC as of 1/22/2018, figures from CDIAC Publication: K-14 Voter Approve General Obligation Bonds, Authorized But Unissued, 2018 Update

Gilroy USD: Christopher High School Gilroy USD: Gilroy High School Math Building 17

Authorized But Unissued CA K-14 GO BondsData reported to CDAIC as of 1/22/2018, figures from CDIAC Publication: K-14 Voter Approve General Obligation Bonds, Authorized But Unissued, 2018 Update

LAUSD: Dr. Sammy Lee Medical and Health Science Magnet

LAUSD: Maywood Center for Enriched Studies (MaCES)

1,040Approved Elections

$133,805,000,000Voter Approved GO

Authority

$80,315,000,000GO Authority Issued

$53,489,000,000GO Authority

Unissued

18

SESSION 2:K-12 SCHOOL DEBT FINANCE FROM THE

COUNTY OFFICIAL'S PERSPECTIVE

Bond Buyer Pre-Conference: October 1, 2018

Introductions

Introductions: Joseph KellyTreasurer-Tax CollectorCounty of Los Angeles

Moderator: Keith KnoxChief Deputy Treasurer-Tax Collector

County of Los Angeles

Antoinette ChandlerAssistant Treasurer-Tax Collector

County of Los Angeles

Keith CraftonDirector Business Advisory Services

Los Angeles County Office of Education

Shari FreidenrichTreasurer-Tax Collector

County of Orange 20

School District General Obligation (GO) Bond Issuance Process

AB 1200School District Role During

Issuance

21

Los Angeles County Office of Education’s Role and Oversight of a

District’s GO Issuance Process

22

The County Treasurer-Tax Collector’s Role in the GO Bond

Issuance Process

Working With the Financing

Team

Structuring, Pricing, and Issuance on Behalf of Districts

County Issuance On

Behalf of Districts

23

Investment Management of Bond Proceeds and the County

Investment Pool

School District Use of External Money Managers

Cash Flow Analysis of Bond Proceeds

Developing an Investment Strategy

24

Compliance with SB 1029 Annual

Reporting

Debt Policy Certification Requirement

25

The Role of the County as

the Paying Agent

In-House Versus

Outsourced

Escheatment of Uncashed

Checks

26

Data Information

Graphs include data on new money issuance for K-12 education purposes Graphs indicate if data is statewide or for specific counties featured in

this panel (LA, Santa Clara, and Orange)

Date Range: January 1, 2008 - December 31, 2017 Unless otherwise noted, data as of July 13, 2018 Source: CDIAC Databases

27

Statewide K-12 Debt By Volume

$4337.9

$9073.8

$7882.6

$5791.3

$5967.3

$7328.4

$4001.8

$7107.3

$5033.9

$8725.2

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Prin

cipa

l Am

ount

(In

Mill

ions

)

Year Issued28

County K-12 Debt By Volume

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Los Angeles $819.7 $5030.9 $3223.9 $1334. $1758.1 $2195.1 $641.6 $946.9 $1253.6 $1535.9Orange $296. $295.1 $514.7 $462.1 $303. $211.9 $258.4 $109.4 $190.8 $351.3

$.

$500.

$1000.

$1500.

$2000.

$2500.

$3000.

$3500.

$4000.

$4500.

$5000.

Prin

cipa

l Am

ount

(In

Mill

ions

)

29

Statewide K-12 Debt By Year

$.

$1000.

$2000.

$3000.

$4000.

$5000.

$6000.

$7000.

$8000.

$9000.

$10000.

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Prin

cipa

l Am

ount

(In

Mill

ions

)

Year Issued

Public lease revenuebondOther bond

Limited taxobligation bondCOP

Capital Lease

BAN

TRAN

GO Bond

30

K-12 Debt By Purpose

K-12 School Facility

72%

Cash Flow, Interim

Financing27%

Other1%

Statewide County Specific

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Los Angeles OrangeK-12 School Facility Cash Flow, Interim Financing Other

31

K-12 Debt By Sale Type

Negotiated 85%

Competitive15%

StatewideCounty Specific

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Los Angeles OrangeNegotiated Competitive

32

Statewide K-12 CABs and CONV CABs

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017CAB & CONV CAB Issued $415 $1,064 $628 $897 $563 $322 $197 $520 $68 $195MAT/CONV Values $1,399 $4,609 $3,081 $4,920 $2,266 $821 $498 $1,093 $123 $397Avg Debt Service Ratio 4.13 5.38 4.94 5.37 3.64 2.66 2.35 2.32 2.02 2.08

$

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

In M

illio

ns

Year Issued

CAB & CONV CAB Issued MAT/CONV Values Avg Debt Service RatioData as of July 20, 2018 33

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Orange $11 $82 $22 $141 $40Los Angeles $56 $268 $20 $113 $73 $162 $45 $106 $20 $80

$

$50

$100

$150

$200

$250

$300

$350

$400

$450

In M

illio

ns

Los Angeles Orange

County K-12 CABs and CONV CABs

Data as of July 20, 2018 34

Statewide Average Cost Of Issuance For K-12 Debt

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Perc

ent o

f Pr

inci

pal

Year Issued

GO Bond TRAN BAN COP Other35

Average Premium By Year For K-12 Debt

StatewideLos

AngelesOrange

2008 3% 3% 3%

2009 3% 3% 4%

2010 3% 3% 4%

2011 2% 4% 9%

2012 2% 2% 1%

2013 2% 2% 4%

2014 2% 3% 2%

2015 4% 4% 3%

2016 4% 5% 3%

2017 5% 4% 4%

Average 3% 3% 4%

In terms of principal amount issued. 36

$25,000

Statewide Authorized But Unissued K-12 Debt

$

$5,000

$10,000

$15,000

$20,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

In M

illio

ns

Election YearData reported to CDIAC as of January 22, 2018 37

100%

County Authorized But Unissued K-12 Debt

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Perc

ent A

utho

rized

But

Uni

ssed

Election Year

Los Angeles OrangeData may include funds from overlapping districts Data reported to CDIAC as of January 22, 2018 38

CDIAC Pre-Conference

October 1, 2018

San Francisco’s Strategies to Collaboratively Address

Ever-Changing Market Dynamics

Urban environments face shared challenges:

•Climate Change

•Cybersecurity

•Evolving Transportation

•Affordable Housing40

City and County of San Francisco

The Controller’s Office of Public Finance

Mission: • Provide and manage low-cost debt financing for

large-scale, long-term capital projects and improvements that produce social and economic benefit to the City while balancing market and credit risk with appropriate benefits, mitigations, and controls

City and County of San Francisco

41

The Controller’s Office of Public Finance

Objectives:• Maintain cost-effective access to capital

markets • Maintain moderate debt levels • Meet capital investment demands • Achieve the highest practical credit rating• Ensure compliance with applicable local, state,

and federal law• Ensure full and timely payment of debt

City and County of San Francisco

42

• Green Bonds are like conventional bonds in how they are sold and repaid

• Proceeds earmarked for climate change mitigation or adaptation projects

• $165B issued in 2017, North America accounting for about 20% of total (UN climate goal is $1T by 2020)

• US tax-exempt muni green bond market

SFPUC: Three Utilities & Credits Over $1.4B Green Bonds Issued

Water Enterprise provides drinking water to nearly 2.7 million people in SF Bay Area

• $765M Green Bonds Issued (CBI Certified)

Wastewater Enterprise operates City’s stormwater and sewage collection and treatment system

• $648M Green Bonds Issued (CBI Certified)

Power Enterprise operates three hydroelectric generation facilities for municipal purposes

• $32M Green Bonds Issued (Self Certified)

44

• Broadens investor base for SFPUC and other SF debt issuing departments

• Potential pricing advantage from tax-exempt green bonds • Aligns with San Francisco climate leadership

• SF has reduced greenhouse gas emissions by 30% from 1990 levels during 20% population increase

• SF Mayor recently committed to four key policy goals:• Zero Waste: Reduce waste by 15% and landfill disposal by 50% by 2030 (on top of current

97% green waste diversion)• Decarbonizing Buildings: Net-zero buildings by 2050• 100% Renewable Energy: All renewables by 2030• Green Bonds: City signed Green Bond Pledge to finance all eligible projects with green

bonds

Why Issue Green Bonds?

45

• Amplify benefits of capital project delivery by splitting project costs according to benefits received

• Hypothetical example: redesign underutilized urban space to incorporate:

• Flood benefits – public utility, ie SFPUC• Improved transit/pedestrian connection – transit agency• Housing – Housing Authority, private or nonprofit developers• Parks – parks department, local nonprofits

Joint Benefits

46

• Cybersecurity becoming threshold credit issue for rating agencies and investors

• SFPUC relies on large, complex technology environment to operate its three utility systems

• Constant and growing cybersecurity threats, including hacking, viruses, and malware, can disrupt SFPUC’s essential service utility operations - other SF departments face similar threats

• In 2016, SF adopted a city-wide Security Policy to maintain and secure critical infrastructure and data systems; City Chief Information Security Officer also appointed for all 54 City departments

Cybersecurity

47

• SFPUC abides by City’s Security Policy• Also maintains its own information security programs specific to the Water,

Wastewater and Power Systems

• Recent best practice is to include disclosure in bond official statements describing both SFPUC and city-wide cybersecurity measures and practices

• Coordinated legal disclosure and messaging by SFPUC and other city departments provides best comfort to bond market regarding city-wide cybersecurity concerns

Cybersecurity

48

Total Airport Passengers in FY 2018

57,780,300

Source: Monthly Air Traffic Activity Reports submitted by Airlines, July 2017 – June 2018

7% increase from FY 2017

Setting New Records

49

Major International Gateways: Year-over-Year Growth

Source: Air Traffic data posted on respective Airports’ websites*Boston-Logan and Washington Dulles data reflects FYTD May 2018

7.0%

5.1%4.5%

4.1% 4.1% 4.0%3.7%

1.0% 0.9%

0.1% 0.1%

-4%

-2%

0%

2%

4%

6%

8%

10%

% C

hang

e in

Tota

l Airp

ort P

asse

nger

s

Strong Passenger Demand

50

8-year CompoundAverage Growth Rate 5.2%

Source: Monthly Air Traffic Activity Reports submitted by Airlines, July 2010 – June 2018

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2011 2012 2013 2014 2015 2016 2017 2018

Tota

l SFO

Pas

seng

ers (

Mill

ions

)

Fiscal Year Domestic International

7.0%

7.7%3.9%

3.2%4.4%

6.6%5.0%

Sustained Passenger Growth

51

Transportation Network Companies

TNC Trip Volume by Month

52

2014 2017

4% 24%

12% 9%

11% 4%

8% 7%

10% 7%Source: SFO Passenger SurveysNote: Totals do not add up to 100% due to other modes not shown

Airport Mode Share

53

3am 6am 9am 12pm 3pm 6pm 9pm 12am 3am

Time of Day

Queu

e Le

ngth

(car

s)Staging Lot Queue by Hour

Lot Limit = 160 Cars

1 3 5

12

2731

3936

3936 35 35

32 33 3235 36 36

39

29

20

12

5 2

3AM 4AM 5AM 6AM 7AM 8AM 9AM 10AM 11AM 12PM 1PM 2PM 3PM 4PM 5PM 6PM 7PM 8PM 9PM 10PM 11PM 12AM 1AM 2AM

FY 16/17 Avg Landings Per Hour

Aircraft Arrivals by Hour

Traffic Pattern

54

Chart1

FY 16/17 Avg Landings Per Hour

Avg Landings Per Hour

3am4am5am6am7am8am9am10am11am12pm1pm2pm3pm4pm5pm6pm7pm8pm9pm10pm11pm12am1am2am0.673972602739726032.89589041095890434.654794520547945112.42739726027397226.89863013698630230.72876712328767138.95890410958904236.4328767123287738.57808219178082336.05205479452055134.94246575342465635.43561643835616332.3780821917808232.6219178082191832.35342465753424834.50684931506849336.35342465753424836.24931506849315438.75890410958903928.54520547945205420.22739726027397111.7726027397260275.06849315068493131.5232876712328767

Arrival Times (Presentation)

FY 16/17

Hours030405060708091011121314151617181920212223000102Grand Total

Airlines Freq2051,0201,5794,2929,20910,20513,04112,00812,70511,76711,42011,68610,44510,38810,42011,39712,21112,32513,1249,7407,0374,0841,747512202,567

Non-Airlines Freq41371202446091,0111,1791,2901,3761,3921,3341,2481,3731,5191,3891,1981,0589061,0236793462131034419,732

Total Freq2461,0571,6994,5369,81811,21614,22013,29814,08113,15912,75412,93411,81811,90711,80912,59513,26913,23114,14710,4197,3834,2971,850556222,299

3am4am5am6am7am8am9am10am11am12pm1pm2pm3pm4pm5pm6pm7pm8pm9pm10pm11pm12am1am2am

Avg Landings Per Hour1351227313936393635353233323536363929201252

% Of Ops/Hr030405060708091011121314151617181920212223000102

Airline0%1%1%2%5%5%6%6%6%6%6%6%5%5%5%6%6%6%6%5%3%2%1%0%

Non-Airline0%0%1%1%3%5%6%7%7%7%7%6%7%8%7%6%5%5%5%3%2%1%1%0%

030405060708091011121314151617181920212223000102Grand Total

Avg Arriving Seats705917531,4863,4104,5555,5995,4855,8125,2894,9315,0554,1774,3874,2734,8645,4265,5105,7234,2273,0311,58467519584,657

FY 16/17 Avg Landings Per Hour

Avg Landings Per Hour

3am4am5am6am7am8am9am10am11am12pm1pm2pm3pm4pm5pm6pm7pm8pm9pm10pm11pm12am1am2am0.673972602739726032.89589041095890434.654794520547945112.42739726027397226.89863013698630230.72876712328767138.95890410958904236.4328767123287738.57808219178082336.05205479452055134.94246575342465635.43561643835616332.3780821917808232.6219178082191832.35342465753424834.50684931506849336.35342465753424836.24931506849315438.75890410958903928.54520547945205420.22739726027397111.7726027397260275.06849315068493131.5232876712328767

Distribution of Arrival for Airline and Non-Airline

Airline

0304050607080910111213141516171819202122231.0120108408575928E-35.0353710130475347E-37.7949517937275078E-32.1188051360784332E-24.5461501626622304E-25.0378393321715779E-26.4378699393287164E-25.9279152083014507E-26.271998894193033E-25.8089422265225829E-25.637640879314005E-25.7689554567130874E-25.1563186501256374E-25.1281798121115482E-25.1439770545054227E-25.6262866113434076E-26.0281289647375932E-26.0844066407657715E-26.4788440367878286E-24.808285653635587E-23.4739123351779908E-2Non-Airline

0304050607080910111213141516171819202122232.0778430975065881E-31.8751266977498479E-36.08149199270221E-31.236570038516116E-23.0863571862963714E-25.1236570038516116E-25.9750658828299212E-26.5376038921548751E-26.9734441516318676E-27.0545307115345637E-26.7605919318872901E-26.3247516724102976E-26.9582404216501109E-27.6981552807622131E-27.039326981552807E-26.0713561727143726E-25.3618487735657812E-24.5915264544901684E-25.1844719237786337E-23.4411108858706671E-21.7534968578958039E-2

Avg Arriving Seats

03040506070809101112131415161718192021222370.117808219178087590.67671232876717753.479452054794481486.38082191780813410.15616438356164555.42739726027415599.4493150684935484.98904109589065811.64931506849285289.24657534246584931.16438356164425054.93150684931524177.06849315068484387.46301369862984273.17260273972624864.45753424657515425.86575342465775510.24931506849325722.55342465753444227.47123287671273031.3753424657534

• Additional pick-up/drop-off location• Differential fee structure

Starting July 1, 2018

Curbside Management

55

Affordable Housing

• San Francisco metropolitan area added 373,000 net new jobs in the last five years, but issued permits for only 58,000 units of new housing

• S&P Core Logic Case-Shiller National Home Price Index up 164% since 2000

• San Francisco is the most expensive rental market in the United States

• 1 bedroom median rent - $3,500• 2 bedroom median rent - $4,680

56

Affordable HousingLate Mayor Lee set the goal of 10,000 Affordable Homes by 2020, 1/3 from OCII

1,296

709

983

1,579

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Completed &Occupied

In Construction In Predevelopment In Planning

OCII-Funded Affordable Units

57

Affordable Housing

• Confirmed affordable housing production obligations as enforceable obligations

• Awarded the right to use pooled tax increment

• Eliminates limitations that existed under Redevelopment Law

• Time limits relating to payment of enforceable obligations

• Number of tax dollars to be collected

SB107 uniquely permits OCII to issue bonds to finance Affordable Housing Obligations required by the development documents for Mission Bay North & South, Hunters Point

Shipyard/Candlestick Point and Transbay

58

Affordable Housing

-

5

10

15

20

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-1

Tota

l Ass

esse

d Va

lue

($

billi

on)

Incremental AV

Base Year AV

% Increase Over Prior Year

3.6%

9.3%4.1%

7.9%

3.6%

24.4%

19.9%7.8% 1.1%

$9.2B

$19.6B

• Created diverse, stable, and growing funding stream

• Base rates established in the 1960s create significant growth opportunity

• Taxable values have increased 114% since FY07-08

• Estimated to raise $500M at time of passage

7

59

SESSION 4:ISSUES FACING CALIFORNIA CITIES IN THE

MUNICIPAL MARKET

Bond Buyer Pre-Conference: October 1, 2018

Introductions

Moderator: David BrodslyManaging DirectorKNN Public Finance

Edward EnriquezAssistant Chief Financial Officer

and Deputy TreasurerCity of Riverside

Jyothi PantuluDebt Manager

City of San Diego

Natalie BrillChief of Debt Management

City of Los Angeles

George Harris IIDeputy City Manager and

City TreasurerCity of Victorville

61

Issues Facing California Cities

Lessons learned while issuing debt

Post-issuance administrative

obligations

Debt policies Succession planning

62

Upcoming CDIAC Programs

PUBLIC FUNDS INVESTING WORKSHOP: USING MS EXCELOctober 23, 24, 25, 2018 | Aliso Viejo, California

CMTA/CDIAC FUNDAMENTALS OF PUBLIC FUNDS INVESTINGJanuary 23-24, 2019 | Riverside, California

MUNICIPAL DEBT ESSENTIALSFebruary 12-14, 2019 | Riverside, California

63

�2018 Bond Buyer Pre-Conference�October 1, 2018�JW Marriott – LA Live�Los Angeles, CA��Session 1:�Why Aren’t All California K-12 School General Obligation Bonds rated AAA?IntroductionsSchool Issuance by the NumbersK-12 Debt Issued By Debt TypeGUSD At a GlanceGUSD Bond OverviewSlide Number 8Slide Number 9Overview of LAUSDLAUSD Voter-Approved Capital ProgramsSlide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 16Slide Number 17Slide Number 18�Session 2:�K-12 School Debt Finance from the County Official's Perspective�IntroductionsSlide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Data InformationStatewide K-12 Debt By Volume County K-12 Debt By Volume Statewide K-12 Debt By YearK-12 Debt By PurposeK-12 Debt By Sale TypeStatewide K-12 CABs and CONV CABsCounty K-12 CABs and CONV CABsStatewide Average Cost Of Issuance For K-12 DebtAverage Premium By Year For K-12 DebtStatewide Authorized But Unissued K-12 DebtCounty Authorized But Unissued K-12 DebtCDIAC Pre-ConferenceSlide Number 40Slide Number 41Slide Number 42Slide Number 43Slide Number 44Slide Number 45Slide Number 46Slide Number 47Slide Number 48Total Airport Passengers in FY 2018Major International Gateways: Year-over-Year GrowthSlide Number 51TNC Trip Volume by MonthSlide Number 53Slide Number 54Slide Number 55Slide Number 56Slide Number 57Slide Number 58Slide Number 59�Session 4:�Issues Facing California cities in the municipal market IntroductionsIssues Facing California CitiesUpcoming CDIAC Programs